Market Overview


US stock markets were closed for the Presidents Day holiday on Monday. Trading will resume today after all three major stock indexes closed at record highs on Friday. The dollar weakened on Monday: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, closed 0.04% lower at 100.892. The Dow closed up 0.2% to 20624.05 on Firday, while the S&P 500 index rose 0.2% settling at 2351.16. The Nasdaq index closed at record high of 5838.58, gaining 0.4%.

US stock indices ended at new highs on Friday with the Dow Jones industrials recording its seventh record close in a row. The dollar retraced higher: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, closed 0.4% higher at 100.932. The Dow Jones average rose less than 0.1% to a record high 20624.05 with shares of UnitedHealth limiting gains. The blue chip index recorded 1.8% gain for the week. S&P 500 closed up 0.2% settling at a record 2328.25, led by telecom and consumer staples stocks. The broad market closed up 1.5% for the week. The Nasdaq composite index gained 0.4% to a record high 5838.58, up 1.8% on week.

US stocks were almost flat on Thursday with Dow Jones industrial averaging having risen 0.04% to hit its 6th straight high while S&P 500 lost 0.09% on declining energy stocks. The recent stock market rally was mostly due to the upbeat economic data which point at improving situation in the economy and Trumps’ promises on tax reforms and financial deregulation. Now, as earnings season is almost complete, investors need more actions from Trump to justify further gains. US dollar index, a measure of a greenback’s value against a basket of six major currencies, was steady at 100.570 having hit 100.410, its low since February 9. The dollar was close to its low as positive US economic data failed to support Treasury yields. S&P 500 index fell 0.09% to 2,347.23 weighed down by weak performance of energy sector and financials. Dow Jones industrial average added 0.04% to 20,619.77 while Nasdaq Composite lost 0.08% to 5,814.90. Energy sector dipped 1.37% as oil prices retreated on swelling US inventories while other major oil producers are trying to fight oil supply glut. S&P 500 consumer discretionary index is traded with P/E of 19 while S&P 500 is traded with P/E of 17. Cisco Systems advanced 2.38% on its positive quarterly report. Wells Fargo lost 0.73% as Credit Suisse downgraded its shares to “neural” from “outperform”. The Q4 2016 earnings for S&P 500 companies have risen 7.3% so far, according to Thomson Reuters. Today in US the leading indicators will come out at 16:00 CET. AT 19:00 CET the Baker Hughes rig count will come out.

US stocks closed at fresh highs on Wednesday with the broad market index recording the seventh winning session after President Trump said a “massive” tax plan would be coming in the “not-too-distant future”. The dollar pulled back: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, closed down 0.16% at 101.058. The S&P 500 gained 0.5% settling at 2349.17 led by consumer staples stocks with seven of the S&P 500′s 11 primary sectors ending higher. The Dow Jones industrial rose 0.5% to close at 20611.17 led by Procter & Gamble. The Nasdaq index closed up 0.6% at record high of 5819.44, ending higher for seventh straight session.

US stocks closed at fresh record highs for fourth session in a row on Tuesday on Fed chair Yellen’s upbeat assessment of US economy. The dollar strengthened further after Yellen signaled that the central bank could gradually raise interest rates sooner than later. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, closed 0.22% higher at 101.221. Dow Jones industrial average rose 0.5% to 20504.41 led by JP Morgan and Goldman Sachs shares, up 1.6% and 1.3% respectively. The S&P 500 added 0.4% settling at 2337.58 led by financial and healthcare stocks. The Nasdaq index closed at record high of 5782.57, gaining 0.3%.

US stock indices ended at record highs on Monday for third session in a row. The dollar strengthened supported by the boost from President Trump’s announcement of impending tax reforms last week. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, closed 0.25% higher at 100.999. The Dow Jones average rose 0.7% to a record high 20412.16, led by Caterpillar and Goldman Sachs shares. S&P 500 gained 0.5% settling at a record 2328.25, led by financials and industrial stocks up 1.1% and 1% respectively. The Nasdaq composite index closed 0.5% higher at a record 5763.96.

US dollar index edged higher on Friday together with US stock indices. Investors shrugged off the weak Michigan University consumer confidence index for February which fell more than expected. Markets reacted positively on the meeting of US president Donald Trump with the Japanese prime-minister Shinzo Abe.

US stocks hit fresh record highs on Thursday as Donald Trump promised to make a major tax announcement in a few weeks. White House met with airline industry executives where said that lowering the overall tax burden on US business was essential. The benchmark S&P 500 index advanced 7.9% since the November elections in US in anticipation of expansionary policy. The rally has become subdued recently as investors awaited the details on proclaimed policies. Financials added 1.4% on Thursday after three days of losses as bond yields rose while energy shares rose 0.9%. US dollar index, a measure of a greenback’s value against a basket of six major currencies, has added more than 5% in six weeks after the Trump’s election but then have back some of its profits on concerns over the trade and immigration policies. It gained 0.4% to 100.64 on Thursday. S&P 500 index added 0.58% to 2,307.87. Dow Jones industrial average advanced 0.59% to 20,172.4 and Nasdaq composite rose 0.58% to 5,715.18. All three indices closed at all-time highs. The worst-performing was the utilities sector which lost 0.8%. About 70% of S&P 500 components have reported their quarterly earnings so far, the results being better than expected. The stocks of Viacom, Kellogg, Prudential advanced on positive earnings data. On the other hand, Coca-Cola lost 1.8%, Twitter fell 12.3% and Intel slid 2.5%.

US stocks edged higher on Wednesday but the Dow Jones industrial average slipped weighed by financial stocks. The dollar ended lower: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, closed down 0.22% at 100.177. The S&P 500 gained 0.1% settling at 2294.67 led by utilities and real estate shares while financial stocks were the worst performers, down 0.8%. The Dow Jones industrial lost 0.2% to close at 20054.34 led by JP Morgan, Goldman Sachs and Visa. The Nasdaq index closed at a fresh record high at 5682.45, up 0.2%.

US stocks ended marginally higher on Tuesday as gains, supported by positive earnings reports, were limited by concerns over growing trade deficit. The dollar strengthened further after Philadelphia Federal Reserve President Harker’s comment Monday that a March interest rate hike is “on the table.” The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, closed 0.5% higher at 100.401. Dow Jones industrial average rose 0.2% to 20090.29 led by Apple, Boeing and IBM shares, up 0.95%, 1.54% and 1.48% respectively. The S&P 500 added less than 0.1% settling at 2293.08 with gains in advancing sectors led by consumer staples offsetting losses in decliners led energy stocks, down 1.4%. The Nasdaq index closed at record high of 5674.22, gaining 0.2%.

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